In multi-gigabit per second serial transceivers, a variable gain amplifier (VGA) is required at the receiver front end. VGA is mainly used to make internal signal amplitude constant for both small and large input amplitudes. Further it is desirable to have flat frequency response over the operating frequency on all gain settings to prevent increasing inter-symbol interference (ISI) induced jitter. A classical VGA circuit is configured with current mode logic (CML) using a variable source degeneration resistor. However the frequency characteristics of this type VGA vary according to the gain setting (e.g. low pass response at high gain setting and high frequency peaking response at low gain setting).